MDGIF rejects Auditor-General’s N94.4bn audit query
The MDGIF has rejected the Auditor-General’s N94.4bn audit query, clarifying that discrepancies are due to timing and reconciliation, not missing revenue. Read More: https://punchng.com/mdgif-rejects-auditor-generals-n94-4bn-audit-query/
The Midstream and Downstream Gas Infrastructure Fund (MDGIF) has rejected findings from the Office of the Auditor-General of the Federation's 2023/2024 Annual Report on Non-Compliance and Internal Control Weaknesses regarding under-remittance of gas flare penalties. The fund clarified that the discrepancies are not due to missing revenue but timing and reconciliation issues in the Federation Account remittance process.
The MDGIF, a directorate of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, stated that it does not collect gas flare penalties, which are solely the responsibility of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The MDGIF and NUPRC collect the funds together, remitting them into the Federation Account before disbursing them to the MDGIF.
The fund expressed disappointment over the audit's focus on remittance figures without considering the movement of funds through various agencies. The MDGIF reiterated its commitment to transparency and ongoing reconciliation of all revenues accruing to it, involving relevant regulatory agencies.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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